Naira rebounds slightly, gains N1.24 against dollar at official market

The Nigerian naira recorded a modest recovery at the official market on Wednesday, appreciating slightly against the U.S. dollar after days of sustained pressure.

According to data from the Central Bank of Nigeria (CBN), the local currency closed at N1,379.46 per dollar, gaining N1.24 from Tuesday’s rate of N1,380.70.

The marginal improvement represents a 0.09 per cent increase, offering a brief pause in what has been a largely downward trend over the past two weeks.

Earlier in the week, the naira had traded stronger at N1,364.23 on Monday, highlighting continued volatility in the foreign exchange market.

The recent fluctuations underscore ongoing pressure on the currency, driven by demand-supply imbalances in the FX market, even as policymakers continue efforts to stabilise the naira.

While Wednesday’s gain signals a slight rebound, analysts say sustained recovery will depend on improved dollar liquidity and broader macroeconomic stability.

CBN governor Cardoso seeks stronger cross‑border financial cooperation